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US dollar is
trading higher today even after the downbeat US data. Seems like investors are
mainly waiting for Fed Chair Janet Yellen to testify. On the 4 hour chart, the
pair is supported by the rising support trend line and currently testing the
resistance at 101.64. If we ignore the falling resistance trend line the pair
seems like trading within an ascending triangle so the pair should continue to
follow the uptrend according to the triangle however it might also reverse the
trend breaking below the rising support trend line depending on the tone of Yellen
on economy.

What Moving Averages Are Indicating?

The 50 day SMA and 100 day SMA are also signaling a significant movement. If 50 day SMA crosses below the 100 day SMA, the pair will decline breaking below the rising support trend line. If it rise above the 100 day SMA, the pair will surge breaking the resistance from 101.64 and the falling resistance trend line.